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- Friday, 16 October 2009 20:19:30 GMT FX Technical Weekly
- Friday, 16 October 2009 15:38:06 GMT Australian & New Zealand Dollar Outside Days Warn of Reversals
- Friday, 16 October 2009 09:48:52 GMT Euro Finding Offers Ahead of 1.5000; Kiwi Sell Recommendation Issued (Morning Slices)
- Thursday, 15 October 2009 14:32:51 GMT British Pound Surges into Fibonacci Resistance
- Thursday, 15 October 2009 05:24:16 GMT Sterling Finally Plays Catch-Up (Morning Slices)
- Thursday, 15 October 2009 07:56:53 GMT EUR/USD Sell Recommendation Issued @1.5035 (Daily Classical)
- Wednesday, 14 October 2009 14:56:16 GMT US Dollar Slips Lower; Euro Resistance Line at 1.5000 Today
- Wednesday, 14 October 2009 06:46:55 GMT Euro Surge Exposes Psychological Barrier (Daily Classical)
- Tuesday, 13 October 2009 18:19:16 GMT New Zealand Dollar Shows Reversal Characteristics
- Tuesday, 13 October 2009 07:47:43 GMT Euro Double Top Prospects Intact (Daily Classical)
- Monday, 12 October 2009 14:39:22 GMT Canadian Dollar Reaches Measured Objective Above 1.0300
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Monday, 12 October 2009 07:35:23 GMT Euro Carving Double Top (Daily Classical)
- Friday, 09 October 2009 21:51:30 GMT FX Technical Weekly
- Friday, 09 October 2009 08:17:49 GMT British Pound Consolidates, Euro Hints Double Top Against US Dollar
- Thursday, 08 October 2009 14:42:21 GMT Dollar Fear Escalates as Prospect of a Panic Decline Emerge
- Thursday, 08 October 2009 06:28:39 GMT Prospects Fade for USD Bulls (Daily Classical)
- Wednesday, 07 October 2009 14:32:02 GMT Dollar Fights Back-AUD and NZD Reach Early 2008 Prices
- Wednesday, 07 October 2009 06:41:58 GMT Euro Stops Narrowly Averted (Daily Classical)
- Tuesday, 06 October 2009 18:26:25 GMT EUR/GBP Failure at Resistance Provides Scalping Opportunity
Increased volatility throughout the forex market has held the GBPUSD in a broad range throughout the month, and the technical outlook continues to favor a bearish outlook for the pair over the near-term.
Currency Pair: GBP/USD
Chart: 60 Min Charts
Short-Term Bias: Bearish
Analysis Update
During the overnight session, the GBPUSD plunged 200+ points to reach an intraday low of 1.4686, but bounced back after triggering an oversold RSI signal. Increased selling pressures for the pair continues to favor a bearish outlook over the near-term, and we may see the pound-dollar work its way down towards the 12/4 low of 1.4468 over the next few weeks. Meanwhile, the pair may move higher over the week to fill in the gap from the 120 SMA, but I anticipate the GBPUSD to hold the downward trend as we head into the New Year. However, the fundamental event risks scheduled for the next 24 hours may call for a change in our outlook.
Analysis
Increased volatility throughout the forex market has held the GBPUSD in a broad range throughout the month, and the technical outlook continues to favor a bearish outlook for the pair over the near-term. At the beginning of December, we saw the pair test new lows for the year as the pound-dollar slipped to 1.4468 on 12/4, which clearly indicates that the pair has yet to find a bottom. As the pair continues to test for support, I expect the pair to move lower over the coming weeks however, the increasing gap from the 120 SMA suggests that the pair is likely to move higher over the remainder of the trading session. Be sure to check out other Technical Reports from DailyFX for additional information on the major currency pairs.
To contact the author of this article, please email: dsong@fxcm.com
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